Equity Investments (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Equity Investments Table

The following tables present the financial statement impact of the Partnership’s equity investments:

thousands	Balance at December 31, 2022		Equity income, net		Contributions		Distributions		Distributions in excess of cumulative earnings (1)		Balance at December 31, 2023
White Cliffs	$	16,095	$	2,094	$	—	$	(1,720)	$	(3,221)	$	13,248
Rendezvous	16,114		(2,621)		—		(638)		(2,040)		10,815
Mont Belvieu JV	91,310		23,476		—		(23,128)		(3,102)		88,556
TEG	15,856		3,504		700		(3,527)		(1,348)		15,185
TEP	184,687		35,578		—		(35,829)		(11,877)		172,559
FRP	192,716		47,829		—		(48,003)		(5,991)		186,551
Whitethorn LLC	146,595		(6,870)		132		6,398		(1,456)		144,799
Saddlehorn	104,191		24,003		—		(23,545)		(2,889)		101,760
Panola	19,311		2,507		—		(2,638)		(464)		18,716
Mi Vida	48,862		9,135		—		(8,215)		(4,358)		45,424
Red Bluff Express	108,959		14,324		321		(14,324)		(2,358)		106,922
Total	$	944,696	$	152,959	$	1,153	$	(155,169)	$	(39,104)	$	904,535

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(1)Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual-investment basis.

thousands	Balance at December 31, 2023		Equity income, net		Contributions		Distributions		Distributions in excess of cumulative earnings (1)		Acquisitions and Divestitures (2)		Balance at December 31, 2024
White Cliffs	$	13,248	$	3,916	$	—	$	(3,916)	$	(3,446)	$	—	$	9,802
Rendezvous	10,815		(2,274)		—		(985)		(1,917)		—		5,639
Mont Belvieu JV	88,556		51		—		(442)		(6,047)		(82,118)		—
TEG	15,185		832		—		(855)		(666)		—		14,496
TEP	172,559		27,585		—		(27,837)		(2,247)		—		170,060
FRP	186,551		48,726		—		(46,948)		(4,741)		—		183,588
Whitethorn LLC	144,799		1,185		—		3,326		(4,924)		(144,386)		—
Saddlehorn	101,760		4,200		—		(4,124)		(3,096)		(98,740)		—
Panola	18,716		74		—		(74)		(1,021)		(17,695)		—
Mi Vida	45,424		9,126		—		(10,566)		(1,219)		—		42,765
Red Bluff Express	106,922		18,964		9,690		(18,965)		(1,526)		—		115,085
Total	$	904,535	$	112,385	$	9,690	$	(111,386)	$	(30,850)	$	(342,939)	$	541,435

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(1)Distributions in excess of cumulative earnings, classified as investing cash flows in the consolidated statements of cash flows, are calculated on an individual-investment basis.

(2)See Note 3.

Summarized Equity Investments Financial Information Presented at 100 Percent Tables

The following tables present the summarized combined financial information for equity investments (amounts represent 100% of investee financial information):

	Year Ended December 31,
thousands	2024		2023		2022
Revenues	$	699,011	$	1,572,120	$	1,922,733
Operating income	439,052		619,597		661,779
Net income	441,752		623,593		661,916

	December 31,
thousands	2024		2023
Current assets	$	176,058	$	302,675
Property, plant, and equipment, net	2,186,172		4,114,540
Other assets	2,349		50,693
Total assets	$	2,364,579	$	4,467,908
Current liabilities	$	75,130	$	130,028
Non-current liabilities	7,943		17,920
Equity	2,281,506		4,319,960
Total liabilities and equity	$	2,364,579	$	4,467,908